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tick tock, we're three days away from possibly going off the fiscal cliff. it's our focus this morning. if lawmakers fail to reach a deal, that would mean spending cuts and tax hikes for 88% of all american households on tuesday. look at the number from the tax policy center. these numbers are interesting. some of the poorest americans who make up to $20,000 a year will have to shell out about $412 more to the irs, and everyone earning more than $40,000 a year will be affected. if you make $40,000 to $64,000 a year, you'll pay almost $2,000 more a year, and if you make a little more between $64,000 to $108,000, that number jumps to $3,500. and anyone making more than $108,000, you'll have to give up more than $14,000. overall, the average american will pay more than $3,500 a year. the question needs to be asked here, will lawmakers be able to pull off a new deal before the new year? the managing director joins me now live from miami. you, dylan, were part of the bush administration a little more than a decade ago, which actually initiated this series of tax
tick tock, we're three days away from possibly going off the fiscal cliff. it's our focus this morning. if lawmakers fail to reach a deal, that would mean spending cuts and tax hikes for 88% of all american households on tuesday. look at the number from the tax policy center. these numbers are interesting. some of the poorest americans who make up to $20,000 a year will have to shell out about $412 more to the irs, and everyone earning more than $40,000 a year will be affected. if you make...
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Dec 29, 2012
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the fiscal cliff, still looming. spending cuts and tax hikes that could shove our economy into recession. and a deadline lawmakers ignored until the very last possible minute. live pictures now of the capitol. looks beautiful. man, but there's a lot of wrangling going on there. lawmakers are back up -- had their backs up against the wall right now. and as they try to find a plan that can pass congress. let's hope they do. cnn's chief white house correspondent is jessica yellin. she is following the negotiations, working very hard on this saturday. so jess, democrats and republicans are supposedly working on a plan, even as we speak. what do we know about it? >> reporter: well, we know, don, that it's the senate leaders that are hashing this out. and what they're looking to negotiate is a deal that would extend current low tax rates for middle income americans. we don't know the exact threshold levels. so would it be people who make $400,000 and less, would it be $250,000 and less. but something that would extend low
the fiscal cliff, still looming. spending cuts and tax hikes that could shove our economy into recession. and a deadline lawmakers ignored until the very last possible minute. live pictures now of the capitol. looks beautiful. man, but there's a lot of wrangling going on there. lawmakers are back up -- had their backs up against the wall right now. and as they try to find a plan that can pass congress. let's hope they do. cnn's chief white house correspondent is jessica yellin. she is following...
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Dec 29, 2012
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off that fiscal cliff. the deadline's tuesday. if the deal isn't reached, taxes will go up on just about everybody. and massive spending cuts will kick in. >>> in india, the young woman gang-raped on a new delhi bus is dead. doctors say she died peacefully at that singapore hospital where she was being treated. authorities plan to add murder charges against the six suspects arrested in that rape. the charges will be filed thursday. angry protesters have been demanding justice and more protection for women. and police expect more demonstrations in the days to come. >>> four people are dead after a plane crashed at the moscow airport. four others were injured. eight people were on board, all of them crew members when the plane overshot the runway. don't go away. at 2:00 p.m. eastern, the top stories of the day including that growing outrage over russia's adoption ban. hundreds of americans are frantic after being told their adoptions are not going to go through. we'll also take a look back at the year in politics and the fierce batt
off that fiscal cliff. the deadline's tuesday. if the deal isn't reached, taxes will go up on just about everybody. and massive spending cuts will kick in. >>> in india, the young woman gang-raped on a new delhi bus is dead. doctors say she died peacefully at that singapore hospital where she was being treated. authorities plan to add murder charges against the six suspects arrested in that rape. the charges will be filed thursday. angry protesters have been demanding justice and more...
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Dec 29, 2012
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would you vote for that as an alternative to going over the fiscal cliff? >> i would have voted just to extend the tax cuts for 99.8% or whatever it was of americans that was john boehner's plan "b." a couple of things are either being misreported or inaccurately reported because what gets in the way of the president's plan is the constitution of the united states. and the good thing about this meeting is that the focus is now firmly on the united states senate where it should have been all these months. the house acted a long time ago to extend all the tax cuts and take care of sequestration. the senate has given speeches. >> you're referring to the fact that revenue issues are supposed to generate in the house. right now, both speaker boehner and the president say it's between reid and mcconnell which does raise the question, whatever procedural and constitutional issues, which are profound. are you concerned as a republican, someone who is close to speaker boehner, if we go over the fiscal cliff, that republicans will get the blame? >> well, of course th
would you vote for that as an alternative to going over the fiscal cliff? >> i would have voted just to extend the tax cuts for 99.8% or whatever it was of americans that was john boehner's plan "b." a couple of things are either being misreported or inaccurately reported because what gets in the way of the president's plan is the constitution of the united states. and the good thing about this meeting is that the focus is now firmly on the united states senate where it should...
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Dec 29, 2012
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that fiscal cliff we've already reached. that is going to be in this starting point deal. now, things we're less clear on. for example, the budget cuts that are impending for most of government, and also the debt ceiling. those are two items that we think may not be in a deal. may be kicked down the road. either those budget cuts will hit and will last, or there will be a different fix later. that's where things seem to be right now, but those are a little bit more up in the air. >> lisa, does that extension for tax cuts for everyone over $250,000, is that for households or for individuals? >> that $250,000 is for individuals. >> okay, okay. i see. so how long do lawmakers have to make a deal at this point? >> right. i just want to make sure we're clear. they want to extend the tax cuts for people whose family income is under $250,000. so people making above that would see their taxes increase under that potential deal. so how long do they have? well, until the very last minute, and maybe even beyond. the truth is, this deadline has always been seen at january 1st. monday
that fiscal cliff we've already reached. that is going to be in this starting point deal. now, things we're less clear on. for example, the budget cuts that are impending for most of government, and also the debt ceiling. those are two items that we think may not be in a deal. may be kicked down the road. either those budget cuts will hit and will last, or there will be a different fix later. that's where things seem to be right now, but those are a little bit more up in the air. >> lisa,...
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Dec 29, 2012
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three days from possibly going over the fiscal cliff. it's our focus this morning. if lawmakers fail to reach a deal, that would mean spending cuts and tax hikes for 88% of all american households come tuesday. look at these numbers from the tax policy center. some of the poorest americans who make up to $20,000 a year, will have to shell out $412 more to the irs and everyone earning more than $40,000 a year will be affected. if you make $40,000 to $64,000, you'll pay almost $2,000 a year, if you make between $64,000 to $108,000, that jumps up to 3,500. and anybody making more than $108,000, yeah, you'll have to give up a little more than $14,000. overall, the average american will pay more than $3,500 a year. will lawmakers be able to pull off a deal before the new year? here's cnn chief correspondent ali velshi. >> alison, i have no idea whether we'll get a fiscal cliff deal done or not. i do have a pretty good idea as to how we got into this gigantic pickle in the first place. >> now we've passed a bold package of tax relief for america's families and businesses.
three days from possibly going over the fiscal cliff. it's our focus this morning. if lawmakers fail to reach a deal, that would mean spending cuts and tax hikes for 88% of all american households come tuesday. look at these numbers from the tax policy center. some of the poorest americans who make up to $20,000 a year, will have to shell out $412 more to the irs and everyone earning more than $40,000 a year will be affected. if you make $40,000 to $64,000, you'll pay almost $2,000 a year, if...
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we can only, of course, be talking about the fiscal cliff. our political panel is going to weigh in on the chances for a deal. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> the pressure is on as harry reid and mitch mcconnell race against the clock to find a fix to the fiscal cliff. joining me are cnn contributor and democratic strategist maria cardona and republican strategist ron bonjin. good morning to you. >> good morning. >> good morning. >> ron, i'll start with you. reid and mcconnell, they really are the focus in the senate. in the house, it's speaker john boehner. i've got to ask you, is his job on the line if republicans balk at any deal that's reached? >> no, not at all. speaker boehner is extremely strong. his conferences support him and knows that he's bee
we can only, of course, be talking about the fiscal cliff. our political panel is going to weigh in on the chances for a deal. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> the pressure is on as harry reid and...
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Dec 29, 2012
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cliff. we are at the very edge. senate leaders are working through the weekend trying to reach a deal before the deadline. today president obama called on lawmakers to meet their deadlines and responsibilities and forge a compromise to avoid tax hike and spending cuts from taking effect. lisa desjardins is live on capitol hill. what's going on right now? >> reporter: right now it's all behind closed doors, martin. what we just have learned in the last hour, in fact, what reporters have seen here, a surprise. house speaker john boehner was here at the capitol. we're still trying to sort out exactly why he was here, but he wasn't here for very long, it seems. he left in the last hour. also, we were able to see some of senator mcconnell's staffers. i was able to speak to one of them coming in and out of these kind of closed-door planning meetings. he said they've been here since 9:00 a.m. they plan to work all day and we may see his boss, senator mcconnell, later today. that shows us kind of wh
cliff. we are at the very edge. senate leaders are working through the weekend trying to reach a deal before the deadline. today president obama called on lawmakers to meet their deadlines and responsibilities and forge a compromise to avoid tax hike and spending cuts from taking effect. lisa desjardins is live on capitol hill. what's going on right now? >> reporter: right now it's all behind closed doors, martin. what we just have learned in the last hour, in fact, what reporters have...